Sunday, December 11, 2011

Debts 'R' Us

I am sick and tired listening to people bluster on and on and on, ad nauseum, about the current economic climate being the result of our current administration. Turn off the damn TV and start reading economic history!

The United States has had a public debt of $75,463,476 since its founding in 1791 as a result of the American Revolutionary War. The debt got paid off because there were 14 budget surpluses and 2 deficits. Then there was a sharp debt increase because of the War of 1812. The U.S. paid off 99.97% of that debt due to surpluses.

Here's where it starts really going downhill fast. As a result of the Civil War, the debt was $65 million in 1860, passed $1 billion in 1863 and by the end of the war reached $2.7 billion. During the following 47 years there were 36 surpluses and 11 deficits with 55% of the debt paid off.

Do you see more than one pattern here? There have been, and continue to be, layers and layers of political horse pucky thrown at the American people for the last 225 years. Turn off your TV and read some economic history. Think for yourself. Then vote for The Horse Pucky Queen.

P.S.Many thanks to wikipedia for a quick synposis of the historical data in this blog post. You may want to read, The Decline and Fall of the Roman Empire, by Edward Gibbon. It's scary...we're almost there.


Randy Johnson said...

Whenever someone brings up the national debt I like to quote David Lavine, who summed it up perfectly when he said "Alexander Hamilton started the US Treasury with a balance of nothing. I wonder: will it ever get that high again?”

Pamela Beers. said...

I like that quote, as well. And my answer to the question is...probably not. Unless we never have another war.